Citizens Financial Group Inc. RI Acquires 837 Shares of Cummins Inc. $CMI

Citizens Financial Group Inc. RI lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,938 shares of the company’s stock after acquiring an additional 837 shares during the period. Citizens Financial Group Inc. RI’s holdings in Cummins were worth $16,646,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CMI. Nicolet Advisory Services LLC increased its holdings in Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after purchasing an additional 17 shares in the last quarter. Uhlmann Price Securities LLC lifted its holdings in shares of Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after purchasing an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC boosted its position in shares of Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after buying an additional 18 shares during the last quarter. Financial Consulate Inc. grew its holdings in Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after buying an additional 18 shares in the last quarter. Finally, ICW Investment Advisors LLC raised its position in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after buying an additional 18 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE CMI traded up $3.54 during mid-day trading on Friday, reaching $676.93. 572,903 shares of the company’s stock were exchanged, compared to its average volume of 1,073,951. The firm has a 50-day moving average price of $679.54 and a two-hundred day moving average price of $609.34. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a market capitalization of $93.41 billion, a price-to-earnings ratio of 35.13, a price-to-earnings-growth ratio of 1.65 and a beta of 1.22. Cummins Inc. has a 52 week low of $334.70 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the business posted $5.96 EPS. Cummins’s quarterly revenue was up 2.7% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 29.32 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins’s dividend payout ratio is presently 41.52%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CMI. Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Raymond James Financial increased their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Argus boosted their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Finally, Citigroup lifted their target price on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $738.00.

Insider Transactions at Cummins

In other news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president owned 8,316 shares in the company, valued at $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by insiders.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.